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PESTEL analysis
is based on political, economic, social-cultural, technological
environmental and
legal. It describes a framework of macro-environmental factors
used in the
environmental scanning
component of
strategic management.
Political
factors are basically how the
government
intervenes in the economy.
Specifically, political factors has areas including
tax policy,
labour
law,
environmental law,
trade restrictions,
tariffs, and political
stability.
Economic
factors include
economic growth,
interest rates,
exchange rates,
the
inflation rate. These factors greatly affect how businesses operate and make
decisions. (Interest rates impacts company's cost of capital, business growth and
expands. Exchange rate impacts the cost, supply and price of imported goods.)
Social
factors
include
the
cultural
aspects
and
health
consciousness,
population
growth rate, age distribution, career attitudes and emphasis on safety.
Technological
factors include technological aspects
like
R&D
activity,
automation, technology incentives and the rate
of
technological
change.
These
can
determine
barriers
to
entry,
minimum
efficient
production
level
and
influence
the
outsourcing
decisions.
Technological
shifts
would affect costs, quality, and lead to
innovation.
Legal
factors include
discrimination law,
consumer law,
antitrust
law,
employment law, and
health and safety law. These factors can affect how a
company operates, its costs, and the demand for its products.
Environmental
factors
include
ecological
and
environmental
aspects
such
as
weather,
climate,
and
climate
change,
which
may
especially
affect
industries
such
as
tourism,
farming, and insurance.
Porter's
five
forces
analysis
is
a
framework
for
analyzing
the
level
of
competition
within an industry and business strategy development.
Threat
of
new
entrants
:The
existence
of
barriers
to
entry
(patents,
rights,
etc.).
Government disadvantages independent of of of product costs or sunk to
loyalty to established profitability (the more profitable the industry the more
attractive it will be to new competitors).Network effect.
Threat
of
substitutes
:Buyer
propensity
to price
performance
of switching level
of product of substitute products available in the of of close substitute.
Bargaining
power
of
customers
:Buyer
concentration
to
firm
concentration
of
dependency upon existing channels of leverage, particularly in industries with
high fixed switching costs relative to firm switching information down of
existing substitute price advantage (uniqueness) of industry (customer value)
total amount of trading.
Bargaining power of suppliers
:Supplier switching costs relative to firm switching
of differentiation of of inputs on cost and of substitute of distribution
concentration
to
firm
concentration
solidarity
.
labor
unions).Supplier
competition: the ability to forward vertically integrate and cut out the buyer.
Industry rivalry
:Sustainable competitive advantage through between online and
offline of advertising competitive concentration of transparency.
Porter's Diamond
The
National
Diamond
is
a
tool
for
analyzing
the
organization’s
task
environment.
The
National
Diamond
highlights
that
strategic
choices
should
not
only
be
a
function
of
industry
structure
and
a
firm’s
resources.
And
this
model
states
fou
r
principal
determinants of national competitive advantage: a. Factor conditions b. Firm
strategy
structure
and
rivalry c.
Demand
conditions d.
Related
and
supporting
industries
a. Factor conditions
Human
Resources(skill,price)/
(
physical
科
resources(land,climate,location
技
,
educational
communication,
relative)/knowledge
institution)/capital(i nvestment)/infrastructure(transport,
housing)
b. Firm strategy structure and rivalry
National
performance
in
particular
sectors
is
inevitably
related
to
the
strategies
and
the
structure
of
the
firms
in
that
sector.
Competition
plays
a
big
role
in
driving
innovation
and
the
subsequent
upgradation
of
competitive
advantage
.
Since
domestic
competition is more direct and impacts earlier than steps taken by foreign
competitors, the stimulus provided by them is higher in terms of innovation and
efficiency.
c. Demand conditions
Demand conditions in the domestic market provide the primary driver of growth,
innovation and quality improvement.
d. Related and supporting industries
For many firms, the presence of related and supporting industries is of critical
importance to the growth of that particular industry. A critical concept here is
that national competitive strengths tend to be associated with
industries.
Besides
above
four
factors,
chance
and
government
always
are
the
essential
elements
impacting on four principal determinants of national competitive advantage.
Opportunities
Opportunities always are hard to come by and uncontrollable, hence once facing a
chance,
we
will
firmly
grasp.
Under
this
new
era,
polity,
economy
and
various
factors
bring
a
great
deal
of
opportunities,
and
the
more
fierce
competition
also
bring
more
chances.
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